The main difference between a monopsonist and a competitive buyer of labor is that
A) the monopsonist can hire as many workers as it wants at the going wage while the competitive firm must raise wages to hire additional workers.
B) the competitive firm can hire as many workers as it wants at the going wage while the monopsonist can hire more workers at lower wages.
C) the competitor can hire as many workers as it wants at the going wage while the monopsonist must raise wages to hire additional workers.
D) the monopsonist can force wages down and still hire as many workers as it wants while the competitive firm must increase the wage rate to hire additional workers.
C
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The table above has the domestic demand and domestic supply schedules for a good. If the world price of the good is $10, then according to the table
A) the country exports 6 units a day. B) the country imports 6 units a day. C) the country imports 16 units a day. D) the country exports 22 units a day. E) domestic production is higher before trade than after trade.
In calculating multifactor productivity growth, the elasticity of output to changes in capital (given as "b" in the textbook) is assumed to be
A) one minus the population growth rate. B) the depreciation rate. C) the share of capital income in GDP.
We can measure the status of a national economy by looking at:
A. its total expenditures. B. its median income. C. We can look at either of these things to get the same measure. D. Neither of these is used to measure a nation's economic status.
If a country's real GDP is growing at 5 percent and the population is also growing at 5 percent, its:
a. per capita real GDP grows at an increasing rate. b. per capita real GDP grows at a constant rate. c. population growth will eventually exceed real GDP. d. per capita real GDP decreases at a constant rate. e. per capita real GDP does not change.